Prime Business Africa
On Thursday, foreign currency traders dropped the official foreign exchange (FX) rate for the United States dollar (USD) to N1,381.52 kobo per $1 in the Nigerian foreign exchange market (NFEM).
Dollar: USD Weakens In Official, Parallel Markets
According to the Central Bank of Nigeria’s (CBN) NFEM portal, the official FX rate for the dollar decreased by N0.66 kobo from the N1,382.18 kobo per USD recorded on Wednesday.
The CBN portal showed that the highest rate at which the American greenback traded was N1,383.5 kobo per USD, while the lowest rate offered was N1,380 per dollar, before settling at N1,381 per $1 at the end of trading hours.
Join our WhatsApp ChannelIn the black market, the dollar traded downward, selling at N1,401 per USD, according to the parallel market rate aggregator, Naira Rates, compared to the N1,406 per $1 offered the day before,
With the dollar rate dropping by N5 in the parallel market, the value of the naira appreciated by 0.35 percent against the United States currency on Thursday.
Pound: British Currency Strengthens In Official Window, Trades Flat In Black Market
The value of the naira depreciated against the pound by 0.51 percent in the NFEM, after the foreign exchange rate for the British currency increased to N9.48 kobo.
During trading in the NFEM on Thursday, foreign currency traders exchanged the pound at N1,865.49 kobo per £1, above the N1,856.01 per £1 reported the previous day.
The pound, however, traded at N1,918.95 kobo per £1 in the black market, retaining the FX rate offered during trading on Wednesday.
Euro: Naira Weakens In Official Market, Trades Flat In Black Market
The NFEM, also known as the official window, recorded a N2.98 kobo increase in the FX rate for the euro, after foreign exchange traders offered the European currency at N1,582.10 kobo per €1.
This exceeded the N1,579.12 kobo a euro traded in the NFEM the day before, and resulted in the naira depreciating in value against the foreign currency by 0.18 percent.
However, the black market traders did not increase or reduce the FX rate of the European currency, as they traded the euro at N1,626.06 per €1.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
